On October 22, 2025  Flagship Pioneering, a scientific innovation engine for transformative platforms and products, reported the company unveiled Expedition MedicinesTM, a company pioneering generative covalent chemistry to expand the boundaries of medicine (Press release, Expedition Medicines, OCT 22, 2025, View Source [SID1234656887]). Following three years of in-house development, Flagship has committed an initial $50 million to support scaling Expedition’s platform for generating small molecule medicines to any target and to further develop its discovery programs in oncology, immunology, and other well-defined diseases. In addition, Expedition recently initiated a multi-target exploration agreement to identify novel therapeutic candidates for prostate cancer under Flagship’s strategic collaboration with Pfizer.

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"Today, the majority of proteins known to be involved in disease have no medicines that can reach them. By harnessing AI and quantum covalent chemistry to rewrite what’s possible in drug design, Expedition is transforming these undruggable proteins into tractable targets," said Noubar Afeyan, Ph.D., Founder and CEO of Flagship Pioneering and Co-Founder and board director of Expedition Medicines. ​"Expedition is able to explore entirely new territory thanks to a unique insight from the quantum chemistry of protein-small molecule interactions, generative AI, and a team that bridges medicinal chemistry, artificial intelligence, and therapeutic development to redefine the drug discovery paradigm."

Proteins with smooth surfaces have been considered undruggable because they lack the features for small molecules to latch onto and reversibly bind. Rather than this traditional ​"binding-first" approach, Expedition’s approach is driven by its discovery of a ​"reaction-first" covalent chemical insight, where quantum interactions between small molecules and reactive parts of protein surfaces enable high potency binding even in shallow pockets of proteins.

Grounded in this insight, Expedition is building a quantum chemistry AI platform that is fueled by an industry-leading chemoproteomic screening and data generation engine. The platform has enabled Expedition to access new protein targets, create high-quality quantitative molecular interaction data at scale, and train generative chemistry models to deliver de novo small molecules that effectively interact with the most elusive targets in the proteome, such as transcription factors, adaptor proteins, regulators, and protein-protein interfaces – mechanisms that have been implicated as central regulators of a wide range of diseases.

"AI is transforming biology by learning the grammar of proteins and DNA. At Expedition, we are pioneering the same leap for small molecules grounded in the quantum chemistry of covalent interactions and fueled by unprecedented experimental data," said Molly Gibson, Ph.D., Co-Founder, CEO, and board director of Expedition and Origination Partner at Flagship Pioneering. ​"Our models are learning the rules of how molecules react and bind to any protein surface in order to make small molecule programmability a reality."

Expedition has initiated research to identify new potential therapeutic candidates for prostate cancer as part of Flagship’s strategic partnership with Pfizer, which seeks to create a pipeline of innovative medicines. The research, which is subject to the terms of the 2023 agreement between Flagship and Pfizer, will leverage Expedition’s platform in an effort to identify novel targeted molecules for previously undruggable targets with known correlation to prostate cancer disease progression and treatment resistance.

Together with Afeyan and Gibson, Expedition is led by Nathan Stebbins, Ph.D., Co-Founder and Chief Strategy Officer and Senior Principal at Flagship Pioneering; Dean Stamos, Ph.D., Co-Founder and CSO — Chemistry & Proteomics and Flagship Science Partner; Todd Kinsella, Ph.D., CSO — Discovery and Translation and Flagship Science Partner; Henry van den Bedem, Ph.D., Chief Technology Officer; and Marie Yurkovich, Ph.D., Co-Founder and Head of Strategy and Operations at Expedition and Operating Principal at Flagship. Kinsella and Stamos previously led biology and chemistry innovation, respectively, at Vividion Therapeutics, and van den Bedem previously led Machine Learning at Atomwise. Geoffrey von Maltzahn, Ph.D., Co-Founder of Expedition and General Partner at Flagship Pioneering, will serve on the company’s board.

On October 22, 2025 Myosin Therapeutics, Inc., a clinical-stage biotechnology company developing first-in-class therapies that modulate molecular motor proteins, reported that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to MT-125 for the treatment of glioblastoma (GBM).

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Fast Track is an FDA program designed to facilitate development and expedite review of drugs that treat serious conditions and address unmet medical needs. This designation benefits patients and drug sponsors by enabling more frequent interactions with the FDA and providing eligibility for rolling review of a marketing application.

"Receiving Fast Track designation validates our conviction that MT-125 has the potential to offer an entirely novel treatment approach to patients with even the most aggressive forms of glioblastoma," said Dr. Courtney Miller, Chief Executive Officer of Myosin Therapeutics. "We are energized by the open communication with the FDA that the Fast Track offers because it will ensure we advance MT-125 as quickly as possible with our patient-centered approach."

MT-125 is a first-in-class dual inhibitor of non-muscle myosin IIA and IIB (NMIIA/IIB). It brings a completely new mechanism of action to a disease where decades of limited progress has built anticipation for genuine therapeutic innovation. By leveraging years of GBM biology research focused on targeting the cellular nanomotor proteins driving tumor cells, MT-125 enables simultaneous tackling of the proliferative and invasive phenotypes of this aggressive primary brain tumor, while improving the efficacy of radiation. A Phase 1/2 trial evaluating safety, pharmacokinetics, and preliminary activity is cleared to proceed (ClinicalTrials.gov: NCT07185880). FDA previously granted Orphan Drug Designation to MT-125 for malignant gliomas, including GBM.

(Press release, Myosin Therapeutics, OCT 22, 2025, View Source [SID1234656905])

On October 22, 2025 Accent Therapeutics, a clinical-stage biopharmaceutical company pioneering a new class of small molecule precision cancer therapies, reported new preclinical data on its two lead programs: the novel KIF18A inhibitor, ATX-295, and the first-in-class DHX9 inhibitor, ATX-559. The company will share the data, which highlight the potential to target key tumor vulnerabilities for selective cancer cell death, at the AACR (Free AACR Whitepaper)-NCI-EORTC AACR-NCI-EORTC (Free AACR-NCI-EORTC Whitepaper) International Conference on Molecular Targets and Cancer Therapeutics (EORTC-NCI-AACR) (Free ASGCT Whitepaper) (Free EORTC-NCI-AACR Whitepaper) (the "Triple Meeting"), being held October 22-26, 2025, in Boston, Massachusetts.

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"The data presented for our KIF18A and DHX9 programs continue to validate the success of our biomarker-driven strategy against challenging, genetically diverse cancers," said Serena Silver, Ph.D., Chief Scientific Officer of Accent Therapeutics. "By precisely targeting the vulnerabilities created by genomic instability, we are excited about the potential of ATX-295 and ATX-559 to address significant unmet needs for patients."

In the presentation entitled "Addressing Novel Oncology Targets for Tumors with Genomic Instability," (Concurrent Session 9, October 25th at 4:45 PM ET) Dr. Silver will discuss the promise of ATX-295 and ATX-559 as precision cancer therapeutics that exploit the genomic instability of cancer cells to effect cancer-selective growth inhibition in vitro and in vivo. She will highlight the potential for KIF18A inhibition by ATX-295 in cancers with high levels of chromosomal instability (CIN) such as ovarian and triple negative breast cancer, and for DHX9 inhibition by ATX-559 in multiple tumor types with high levels of replication stress including dMMR/MSI-H and BRCA alterations.

Additional Poster Presentations
ATX-295 (KIF18A Inhibitor)

Title: Activity of the Novel KIF18A Inhibitor, ATX-295, is Enriched in Whole Genome Doubled Ovarian and TNBC Preclinical Models
Summary: Inhibition of KIF18A by ATX-295 is a compelling strategy for chromosomally unstable cancers, supported by new data identifying whole genome doubling (WGD) as a strong predictive biomarker for tumors such as ovarian cancer and TNBC. This biomarker-driven approach was validated in preclinical models where ATX-295 induced dose-dependent tumor regression in WGD-positive models.
Session Details: October 24th, Session B, 12:30-4:00 PM ET
ATX-559 (DHX9 Inhibitor)

Title: ATX-559, a First-in-Class, Clinical-Stage DHX9 Inhibitor, as a Targeted Therapeutic for Molecularly Defined Tumors with Genomic Instability and Replicative Stress
Summary: Preclinical data show the first-in-class oral DHX9 inhibitor, ATX-559, increases replicative stress and DNA damage, leading to selective cell death in cancers with genomic instability. This activity led to robust, dose-dependent tumor regression in preclinical models with BRCA alterations and microsatellite instability-high (MSI-H).
Session Details: October 24th, Session B, 12:30-4:00 PM ET
About ATX-295
ATX-295 is a potential best-in-class inhibitor for KIF18A, a mitotic kinesin motor protein essential for cell division in select tumors with chromosomal instability. A subset of tumors with an abnormal number of chromosomes (aneuploid), such as those found in ovarian and triple-negative breast cancer (TNBC), are reliant on KIF18A. Treatment with a KIF18A inhibitor leads to rapid cell death in these chromosomally unstable cancer cells while leaving healthy cells with normal numbers of chromosomes unaffected. Accent retains full worldwide rights to the KIF18A program, including ATX-295, which is being evaluated in a Phase 1/2 clinical trial (NCT06799065).

About ATX-559
ATX-559 is a first-in-class potent and selective inhibitor of DHX9, a DNA/RNA helicase that plays a critical role in tumors with high levels of replication stress. Such tumors include those with BRCA loss of function (breast, ovarian), mismatch repair deficient (dMMR) or microsatellite instability-high (MSI-H) cancers (colorectal, endometrial, gastric), and others representing large patient populations with significant unmet medical need. DHX9 is a compelling oncology target as its inhibition exploits key tumor vulnerabilities related to replication, transcription, and the maintenance of genomic stability, resulting in cancer-specific cell death. Accent retains full worldwide rights to ATX-559, currently being evaluated in a Phase 1/2 clinical trial (NCT06625515), and the DHX9 program.

(Press release, Accent Therapeutics, OCT 22, 2025, View Source [SID1234656906])

On October 22, 2025 The Board of Directors of Alligator Bioscience AB ("Alligator Bioscience" or the "Company") reported, subject to approval by an extraordinary general meeting on 25 November 2025, resolved to carry out an issue of ordinary shares and warrants ("units") with preferential rights for the Company’s existing shareholders of initially approximately SEK 120 million (the "Rights Issue"). The Company has received subscription undertakings and subscription intentions amounting to a total of approximately SEK 6 million, corresponding to approximately 5 percent of the Rights Issue. Furthermore, the Company has received guarantee commitments amounting to a total of approximately SEK 72 million, corresponding to approximately 60 percent of the Rights Issue, which in total is covered by subscription undertakings, subscription intentions and guarantee commitments of approximately SEK 78 million, corresponding up to approximately 65 percent of the Rights Issue. Alligator Bioscience intends to use the proceeds from the Rights Issue, after repayment of the bridge loans and part of the outstanding loan that Alligator Bioscience raised from Fenja Capital II A/S ("Fenja Capital") in 2024, to support the ongoing process to secure a partnership for mitazalimab as well as for furthering other pipeline projects and general corporate purposes. The Rights Issue is subject to approval by an extraordinary general meeting on 25 November 2025. The notice of the extraordinary general meeting will be announced in a separate press release. To secure the Company’s liquidity needs until the completion of the Rights Issue, the Company has entered into bridge loan agreements of SEK 17 million in total on market terms. In connection with the Rights Issue, Alligator Bioscience has also renegotiated the outstanding loan from Fenja Capital. As part of the renegotiation, Alligator Bioscience has undertaken to issue warrants to Fenja Capital, free of charge.

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Summary
• The Rights Issue includes units and will initially, if fully subscribed, provide Alligator Bioscience with approximately SEK 120 million before issue costs. Each unit consists of two (2) ordinary shares and one (1) warrant series TO 14. The warrants series TO 14 are intended to be admitted to trading on Nasdaq Stockholm.
• One (1) warrant series TO 14 entitles the holder to subscription of one (1) ordinary share in the Company during the period from and including 5 March 2026 up to and including 19 March 2026. Thus, the Company may receive additional proceeds in March 2026 if the warrants series TO 14 are exercised for subscription of new ordinary shares.
• The exercise price for the warrants series TO 14 shall correspond to 70 percent of the volume-weighted average price of the Company’s ordinary share on Nasdaq Stockholm during the period from and including 10 February 2026 up to and including 27 February 2026, however not lower than the quota value of the share and not higher than 125 percent of the subscription price per ordinary share in the Rights Issue.
• Final terms of the Rights Issue, including subscription price, increase of the share capital and number of ordinary shares and warrants issued, are intended to be published no later than 24 November 2025. The subscription price for each unit is intended to be set based on a discount to TERP (theoretical share price after separation of unit rights) of approximately 35 percent based on the volume-weighted average share price of the Company’s ordinary share on Nasdaq Stockholm during the period from and including 18 November 2025 up to and including 24 November 2025, however not less than the new quota value of the share subject to resolution by the extraordinary general meeting on 25 November 2025 (i.e. SEK 0.20) and not more than SEK 1.89, multiplied by two (2) (the "Subscription Price").
• The Rights Issue is covered to approximately 5 percent by subscription undertakings and subscription intentions, and to approximately 60 percent by guarantee commitments, corresponding to a total of approximately 65 percent of the Rights Issue in total.
• Provided that the Rights Issue is approved by the extraordinary general meeting on 25 November 2025, the record date for the Rights Issue will be 2 December 2025, and the subscription period will run from and including 4 December 2025 up to and including 18 December 2025.
• The last day of trading in the Company’s shares including right to receive unit rights in the Rights Issue is 28 November 2025 and the first day of trading in the Company’s shares without the right to receive unit rights in the Rights Issue is 1 December 2025.
• Trading in unit rights will take place on Nasdaq Stockholm from and including 4 December 2025 up to and including 15 December 2025.
• To secure the Company’s liquidity needs until the completion of the Rights Issue, the Company has entered into bridge loan agreements of SEK 17 million in total on market terms.
• In connection with the Rights Issue, Alligator Bioscience has renegotiated the outstanding loan raised in 2024 from Fenja Capital.
• The Company intends to publish a prospectus regarding the Rights Issue around 28 November 2025 (the "Prospectus").

Søren Bregenholt, CEO of Alligator Bioscience, comments:
"The upcoming Rights Issue and the renegotiated loan agreement with Fenja Capital will provide Alligator Bioscience with 6–9 months of additional financial runway in 2026. This will enable us to continue advancing mitazalimab towards Phase 3 development, progress our broader pipeline, and pursue our ongoing business development activities. In a challenging market environment, we remain appreciative of the continued trust and support shown by our shareholders."
Background and reason for the Rights Issue
Alligator Bioscience is a research-based biotechnology company developing antibody-based pharmaceuticals for cancer treatment. The Company specializes in the development of tumor-directed immunotherapies, in particular agonistic mono- and bispecific antibodies. In immunotherapy, the patients’ immune system is activated to cure cancer. The term tumor-directed means that the drug is administered or designed such that the pharmacological effect is localized to the tumor. This results in an advantageous efficacy and safety profile.

The clinical drug candidate mitazalimab (previously ADC-1013) is an agonistic, or stimulatory, antibody that targets CD40, a receptor on the dendritic cells of the immune system, which are the cells that detect enemies such as cancer cells. In preclinical experimental models, mitazalimab has been shown to induce a potent tumor-targeted immune response and provide long-lasting tumor immunity. In addition, preclinical data have demonstrated how mitazalimab can be used against multiple types of cancer. The study OPTIMIZE-1 is an open-label, multi-center trial assessing the clinical efficacy of mitazalimab in combination with chemotherapy (mFOLFIRINOX) in patients with first line metastatic pancreatic cancer. The trial was initiated in Q3 2021, and top line data was announced on 29 January 2024 showing that the trial met the primary endpoint. On 22 September 2025, the Company announced final 30-month data. The final readout confirms data maturity, demonstrating both primary and secondary efficacy endpoints that compare favorably with historical controls. As previously reported, the objective response rate (ORR) was 54.4 percent (42.1 percent confirmed). The median duration of response was 12.6 months, with a median progression-free survival (PFS) of 7.8 months. Median OS reached 14.9 months, with OS rates of 58 percent, 37 percent, 26 percent, and 21 percent at 12, 18, 24, and 30 months, respectively—an unprecedented outcome in this hard-to-treat cancer. These results underscore a durable benefit, with a meaningful proportion of patients achieving long-term survival beyond two years. These results further strengthen the rationale for advancing mitazalimab into a pivotal Phase 3 trial in metastatic pancreatic cancer together with a partner.

Given the capital needs that the Company’s development and commercialization plans give rise to, Alligator Bioscience assesses that its existing working capital is not sufficient to cover the Company’s capital needs. To ensure continued successful progress in accordance with the Company’s business plan and strategy, including the ongoing process to secure a partnership for mitazalimab and further develop other pipeline projects, the Board of Directors has decided to carry out the Rights Issue.

Upon full subscription in the Rights Issue, the Company will initially receive approximately SEK 120 million before issue costs. The costs related to the Rights Issue are estimated at full subscription, to amount to a maximum of approximately SEK 17 million, of which approximately SEK 9 million is attributable to guarantee compensation (provided that all guarantors choose to receive the compensation in cash). The expected net proceeds from the Rights Issue are thus estimated to amount to approximately SEK 103 million. The net proceeds from the Rights Issue, after repayment of the bridge loans and part of the loan that Alligator Bioscience raised from Fenja Capital in 2024 (as detailed below), are intended to support the ongoing process to secure a partnership for mitazalimab as well as for furthering other pipeline projects and general corporate purposes.

In March 2026, the Company may receive additional proceeds if the warrants series TO 14 issued in the Rights Issue are exercised for subscription of new ordinary shares. The net proceeds from the exercise of warrants series TO 14 are intended to be used with up to 50 percent of the part exceeding SEK 6 million to repay the outstanding loan from Fenja Capital (as detailed below) and the remaining part as working capital for the Company.

Terms of the Rights Issue
The Board of Directors has today, subject to the approval by the extraordinary general meeting on 25 November 2025, resolved on an issue of units consisting of ordinary shares and warrants series TO 14, with preferential rights for existing shareholders. Through the Rights Issue, Alligator Bioscience may receive initial issue proceeds of approximately SEK 120 million, excluding the additional proceeds that may be received upon exercise of the warrants series TO 14 that are issued in the Rights Issue. Those who are registered as shareholders in the Company on the record date 2 December 2025 are entitled to subscribe for units with preferential rights.

Final terms of the Rights Issue, including Subscription Price, increase of the share capital and number of ordinary shares and warrants issued, are intended to be published no later than 24 November 2025. Each unit consists of two (2) ordinary shares and one (1) warrant series TO 14. The warrants series TO 14 are issued free of charge. The Subscription Price is intended to be set based on a discount to TERP (theoretical share price after separation of unit rights) of approximately 35 percent based on the volume-weighted average share price of the Company’s ordinary share on Nasdaq Stockholm during the period from and including 18 November 2025 up to and including 24 November 2025, however not less than the new quota value of the share subject to resolution by the extraordinary general meeting on 25 November 2025 (i.e. SEK 0.20) and not more than SEK 1.89, multiplied by two (2). The warrants series TO 14 are intended to be admitted to trading on Nasdaq Stockholm.

Subscription of units with or without preferential rights shall be made during the period from and including 4 December 2025 up to and including 18 December 2025. Unit rights that are not exercised during the subscription period will become invalid and lose their value. Trading in unit rights takes place on Nasdaq Stockholm during the period from and including 4 December 2025 up to and including 15 December 2025 and trading in BTU (paid subscribed units, "BTU") during the period from and including 4 December 2025 up to and including 13 January 2026.

One (1) warrant series TO 14 entitles the holder the right to subscribe for one (1) new ordinary share in the Company at a subscription price corresponding to 70 percent of the volume-weighted average price of the Company’s ordinary share on Nasdaq Stockholm during the period from and including 10 February 2026 up to and including 27 February 2026, however not lower than the quota value of the share and not higher than 125 percent of the Subscription Price per ordinary share in the Rights Issue. Subscription of ordinary shares by exercise of warrants series TO 14 shall be made during the period from and including 5 March 2026 up to and including 19 March 2026.

If not all units are subscribed for by exercise of unit rights, allotment of the remaining units shall be made within the highest amount of the issue: firstly, to those who have subscribed for units by exercise of unit rights (regardless of whether they were shareholders on the record date or not) and who have applied for subscription of units without exercise of unit rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of unit rights that each and every one of those, who have applied for subscription of units without exercise of unit rights, have exercised for subscription of units; secondly, to those who have applied for subscription of units without exercise of unit rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of units the subscriber in total has applied for subscription of units; and thirdly, to those who have provided guarantee commitments with regard to subscription of units, in proportion to such guarantee commitments. To the extent that allotment in any section above cannot be done pro rata, allotment shall be determined by drawing of lots.

Subscription undertakings, subscription intentions and guarantee commitments
The Company has received subscription undertakings from a number of existing shareholders, amounting in total to approximately SEK 5.2 million, corresponding to approximately 4.4 percent of the Rights Issue. In addition, the Company’s Chairman of the Board of Directors, Hans-Peter Ostler, CEO, Søren Bregenholt, and CFO, Johan Giléus, have expressed their intention to subscribe for units in the Rights Issue for their respective pro rata share of the Rights Issue, amounting in total to approximately SEK 0.7 million, corresponding to approximately 0.6 percent of the Rights Issue. Members of the Company’s Board of Directors and management are prevented, under applicable rules on market abuse, from entering into undertakings to subscribe for units in the Rights Issue, as a result of the Company being in a so-called closed period until the publication of the interim report for the third quarter of 2025, and are expected to enter into binding subscription undertakings after the closed period has ended. No compensation will be paid for subscription undertakings or subscription intentions.

The Company has also entered into agreements with certain existing larger shareholders and a number of external investors on guarantee commitments of a total of approximately SEK 72 million, corresponding to approximately 60 percent of the Rights Issue. According to the guarantee agreements, cash compensation is paid with 12 percent of the guaranteed amount, corresponding to a total of approximately SEK 8.7 million, or 14 percent of the guaranteed amount in the form of newly issued units in the Company, with the same terms and conditions as for units in the Rights Issue, including the Subscription Price in the Rights Issue.

In total, the Rights Issue is covered by subscription undertakings, subscription intentions and guarantee commitments amounting up to approximately SEK 78 million, corresponding to approximately 65 percent of the Rights Issue. Neither the subscription undertakings, the subscription intentions, nor the guarantee commitments are secured by bank guarantees, blocked funds, pledges or similar arrangements.

In order to enable issue of units as guarantee compensation to the guarantors who choose to receive guarantee compensation in the form of newly issued units, the Board of Directors has proposed that the extraordinary general meeting on 25 November 2025, among other things, resolves on approval of the Rights Issue and authorization for the Board of Directors to resolve on issue of such units to guarantors.

A subscription of units in the Rights Issue (other than by exercising preferential rights) which result in an investor acquiring a shareholding corresponding to or exceeding a threshold of ten (10) percent or more of the total number of votes in the Company following the completion of the Rights Issue, must prior to the investment be filed with the Inspectorate of Strategic Products (Sw. Inspektionen för strategiska produkter, "ISP"). To the extent any guarantors’ fulfilment of their guarantee commitment entails that the investment must be approved by the ISP in accordance with the Swedish Screening of Foreign Direct Investments Act (Sw. lagen (2023:560) om granskning av utländska direktinvesteringar), such part of the guarantee is conditional upon notification that the application of the transaction is left without action or that approval has been obtained from the ISP.

In addition, pursuant to the guarantee commitment provided by Fenja Capital, Fenja Capital’s obligation to fulfil its guarantee commitment in connection with the Rights Issue may be postponed in order to secure that Fenja Capital’s shareholding in the Company does not amount to or exceed 30 per cent of the Company’s votes after the completion of the Rights Issue.

Preliminary time plan for the Rights Issue

24 November 2025 Publication of final terms of the Rights Issue, including Subscription Price
25 November 2025 Extraordinary general meeting
28 November 2025 Estimated publication of the Prospectus
28 November 2025 Last day of trading incl. preferential rights
1 December 2025 First day of trading excl. preferential rights
2 December 2025 Record date in the Rights Issue
4 – 15 December 2025 Trading in unit rights
4 – 18 December 2025 Subscription period
22 December 2025 Estimated publication of the outcome of the Rights Issue
4 December 2025 – 13 January 2026 Trading in paid subscribed units (BTU)
Lock-up agreements
In connection with the Rights Issue, all shareholding members of the Board of Directors and senior management in Alligator Bioscience have undertaken towards Vator Securities AB, subject to customary exceptions, not to sell or carry out other transactions with a similar effect as a sale unless, in each individual case, first having obtained written approval from Vator Securities AB. Decisions to give such written consent are resolved upon by Vator Securities AB and an assessment is made in each individual case. Consent may depend on both individual and business reasons. The lock-up undertakings only cover the shares held prior to the Rights Issue and the lock-up period lasts for 180 days after the announcement of the Rights Issue.

Extraordinary general meeting and voting commitments
The Board of Directors’ resolution on the Rights Issue is subject to approval by the extraordinary general meeting on 25 November 2025. The resolution on the Rights Issue is subject to and conditional upon that the extraordinary general meeting also resolves to reduce the share capital to cover loss, to amend the Articles of Association in accordance with the Board of Directors’ proposal to the extraordinary general meeting, as well as to authorize the Board of Directors to resolve on issue of units to the guarantors and warrants to Fenja Capital. Notice of the extraordinary general meeting will be announced in a separate press release.

The Company has received irrevocable voting commitments from certain of the Company’s major shareholders, who together hold approximately 4.4 percent of the votes in the Company. The voting commitments mean that the shareholders have committed to vote in favor of the Rights Issue and all relevant resolutions at the extraordinary general meeting on 25 November 2025.

Bridge loans and renegotiation of previous loan
In order to secure the Company’s liquidity needs until the Rights Issue has been completed, the Company has raised bridge loans of SEK 17 million in total from Fenja Capital, Linus Berger and Philip Olsson. As compensation for the loans, an arrangement fee of 3 percent and a monthly interest rate of 0.75 percent are paid. Pursuant to the bridge loan agreements, the lenders are not obliged to disburse the bridge loans until the extraordinary general meeting on 25 November 2025 has approved the Rights Issue but may nonetheless resolve to do so. According to the bridge loans, the loans shall be repaid in connection with the Rights Issue or no later than 31 January 2026.

In June 2024, Alligator Bioscience entered into a financing agreement with Fenja Capital pursuant to which Fenja Capital provided loans with an aggregate nominal amount of SEK 68 million and furthermore also subscribed for convertibles with an aggregate nominal amount of SEK 12 million (the "Initial Financing"). For further details on the Initial Financing, please see the Company’s press release from 25 June 2024. In connection with the rights issue carried out during December 2024 – February 2025, the Company renegotiated the Initial Financing, which led to the arrangement of a new loan (the "Previous Loan") as well as the repayment of all outstanding convertibles. The Previous Loan has subsequently been renegotiated in May 2025 and September 2025, respectively. As a result of the renegotiations, the repayment structure was amended and the maturity date of the Previous Loan was extended to 31 December 2025. In addition, the parties agreed that Fenja Capital could choose to convert all or part of the outstanding nominal amount under the Previous Loan into new ordinary shares in the Company through set-off. For further information on the renegotiations of the Previous Loan, please see the Company’s press releases from 9 May 2025 and 8 September 2025, respectively.

The outstanding amount under the Previous Loan amounts to approximately SEK 23.1 million. In connection with the Rights Issue, Alligator Bioscience has renegotiated the Previous Loan with Fenja Capital. The Company will, in connection with the Rights Issue, repay a total amount of approximately SEK 11.2 million (including a repayment fee of approximately SEK 0.5 million), after which the remaining nominal amount under the loan will be SEK 12.5 million (the "New Loan"). In connection with the Rights Issue, Fenja Capital has provided a guarantee commitment of SEK 30 million, as well as a bridge loan of SEK 10 million (as detailed above). Pursuant to the bridge loan agreement, the arrangement fee of the bridge loan as well as the repayment fee and the amendment fee pursuant to the New Loan agreement plus any additional outstanding interest of the New Loan will be deducted from the bridge loan upon disbursement of the bridge loan to the Company. Furthermore, to the extent the guarantee commitment is exercised, Fenja Capital shall be entitled and obliged to pay for the amount so exercised through set-off against the bridge loan, the repayment amount and the amendment fee pursuant to the New Loan agreement as well as the accrued interest outstanding under the bridge loan and the New Loan (provided that such amounts have not been deducted already in connection with the disbursement of the bridge loan as described above), subject to the provisions of the New Loan agreement. To the extent the guarantee commitment is exercised for an amount in excess of the above-mentioned set-off amounts, the remaining part of the guarantee commitment shall be paid in cash. Furthermore, the previous right for Fenja Capital to request conversion of all or part of the outstanding nominal loan amount into new ordinary shares in the Company through set-off has been terminated through the New Loan agreement.

The New Loan is subject to an arrangement fee of approximately SEK 0.6 million and bears an annual interest rate at STIBOR 3M (however minimum 3 percent) plus an interest margin of 10 percent, paid on a quarterly basis. In addition to the repayment in connection with the Rights Issue, the Company shall, upon exercise of warrants series TO 14, use up to 50 percent of the part of the net proceeds that exceeds SEK 6 million for repayment of the New Loan, including the repayment fee and accrued interest on the amount so paid. Furthermore, to the extent that the outstanding New Loan at the end of a calendar quarter, after the exercise of the warrants series TO 14, exceeds 10 percent of the Company’s market capitalization, the Company shall repay an amount of SEK 2 million. The maturity date for the New Loan is 30 September 2026.

In connection with the New Loan, Alligator Bioscience has also undertaken to issue warrants series 2025/2030 to Fenja Capital, free of charge. The number of warrants to be issued shall correspond to a total dilution of five percent calculated on the total number of ordinary shares outstanding in the Company immediately after the completion of the Rights Issue (including any ordinary shares issued as part of the units issued to guarantors that have chosen to receive remuneration in units). The exercise price for the warrants shall correspond to 140 percent of the Subscription Price, rounded to the nearest whole öre. The warrants will be subject to terms and conditions that contain customary recalculation terms. The Board of Directors intends to resolve on the issue of warrants series 2025/2030 to Fenja Capital pursuant to an authorization from the extraordinary general meeting intended to be held on 25 November 2025, no later than five business days following the registration of the Rights Issue with the Swedish Companies Registration Office. The warrants will be exercisable for subscription of ordinary shares in the Company from the date of registration of the warrants with the Swedish Companies Registration Office up to and including 31 October 2030. The warrants will not be admitted to trading.

Prospectus
Full terms and conditions for the Rights Issue, as well as other information about the Company and information about subscription undertakings, guarantee commitments and lock-up agreements will be presented in the Prospectus that the Company is expected to publish on or around 28 November 2025.

Advisers
Vator Securities AB acts as Sole Global Coordinator and bookrunner in connection with the Rights Issue. Setterwalls Advokatbyrå AB is legal adviser to Alligator Bioscience in connection with the Rights Issue. Vator Securities AB acts as the issuing agent in connection with the Rights Issue.

(Press release, Alligator Bioscience, OCT 22, 2025, View Source [SID1234656891])

On October 22, 2025 SkylineDx reported that results from its landmark MERLIN_001 trial, the largest prospective evaluation of a genomic test in cutaneous melanoma, have been published in the October 2025 issue of JAMA Surgery, the most cited surgery journal in the world. The study demonstrates that the Merlin CP-GEP Test stratified T1-T3 melanomas with clearly distinct risk levels for sentinel node metastasis: patients with a High-Risk result had a three-fold higher rate of sentinel node metastasis compared to those with a Low-Risk result (23.8% vs. 7.1%) overall.

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The MERLIN_001 trial enrolled 1,761 patients across leading U.S. academic cancer centers including the Mayo Clinic, University of Louisville, University of Michigan, Huntsman Cancer Institute, University of Kentucky, Emory University, Duke University, Memorial Sloan Kettering Cancer Center, and Moffitt Cancer Center.

"This study represents a major step forward in evaluating personalized melanoma care," said Vernon Sondak, MD, MERLIN_001 Principal Investigator and chair of the Cutaneous Oncology Department at Moffitt Cancer Center in Tampa, Florida. "Studying the Merlin CP-GEP Test’s ability to distinguish patients’ risk of sentinel node metastasis with a rigor and precision no other test or nomogram can match. Our results show that the test adds a level of accuracy above current clinical factors alone, even when factors like mitotic rate and histologic subtype are taken into account, and this kind of knowledge ultimately allows patients and surgeons to make better decisions about when sentinel node biopsy should be part of the management of clinically localized melanoma. In appropriately selected patients, this test can add value for shared decision-making."

Key Findings

Across the study population, the Merlin CP-GEP Test stratified melanomas into two distinct risk groups: High-Risk patients had greater than a three-fold likelihood of SLN metastasis (23.8%) compared to Low-Risk patients (7.1%). Overall, 37.0% of patients were Low-Risk while 63.0% were High-Risk. Importantly, the test was successful in 97.7% of submitted samples.
In patients aged 65 and older, where comorbidities can be more prevalent, the test identified 57.9% as High-Risk, with a positive SLNB rate of 20.3%, versus a 6.6% positive SLNB rate for Low-Risk cases.
In head and neck melanomas, where SLNB can be technically difficult and can carry higher morbidity, the Merlin CP-GEP test identified High-Risk cases with a 26.7% SLN rate and Low-Risk cases with a 4.9% SLN (five-fold risk increase in the High-Risk vs. the Low-Risk groups).
Across all ages and primary sites, cases with clinical Stage IB melanoma were classified as Low-Risk 49.3% of the time, with a 6.5% positive SLNB rate, compared with an 18.3% rate for High-Risk cases.
The MERLIN_001 trial results published in JAMA Surgery can be found here: View Source

About the Merlin CP-GEP Test

CP-GEP is a non-invasive prediction model for cutaneous melanoma patients and is the only commercially available GEP test that combines clinicopathologic (CP) variables with gene expression profiling (GEP) into a single integrated algorithm. This CP-GEP model is also the only GEP test that provides a binary stratification of all patients based on being High or Low Risk for metastasis and thereby assigns them to the appropriate surgical action categories as listed in evidence-based cancer treatment, prevention, and screening guidelines. The advanced CP-GEP model was developed by Mayo Clinic and SkylineDx and is the latest commercially launched GEP test, which has been clinically validated in multiple studies on a global basis. The test has been launched in the United States and Europe as Merlin. SkylineDx collaborates with diagnostic service providers globally to bring this test to market and increase patient access. More information (including references) may be obtained at www.falconprogram.com and www.merlinmelanomatest.com.

(Press release, SkylineDx, OCT 22, 2025, View Source [SID1234656907])